Repeals and adds to existing law to establish the Money Transmission Modernization Act.

The legislation replaces the existing Idaho Money Transmitter Act with the model Money Transmission Modernization Act. The model Act was developed by an association of state agencies tasked with money transmitter supervision along with members of the money services business industry, with the intent to ensure state agencies can coordinate in the supervision of money services business, to protect the public from financial crimes, to standardize licensing, and to modernize licensing requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices. The model Act sets forth provisions concerning money transmission licenses; acquisition of control; reporting and records; authorized delegates; timely transmission, refunds, and disclosures; prudential standards; and enforcement.